In a recent report by Boundless, it was revealed that applications for the H-1B work visa, widely sought after by tech companies seeking to hire foreign talent, have more than doubled in 2023. The U.S. Citizenship and Immigration Services (USCIS) received a staggering 780,884 applications for this temporary work visa, targeting highly-skilled professionals. This marks a significant 61% increase from the previous year and is nearly 700,000 applications above the annual cap of 85,000.
Record Low H-1B Denial Rates
One noteworthy finding from the report is that H-1B visa denial rates reached a record low of just 2% in FY 2022, signaling a more favorable climate for skilled workers seeking opportunities in the United States.
Majority of Approvals from India and China
The report highlights that the majority of approved H-1B visa petitions, accounting for nearly 73%, were granted to workers from India. China came in second, representing 12.5% of the approved applications.
Gender Disparity in H-1B Approvals
An interesting statistic revealed that males dominate the H-1B visa approvals, making up a substantial 70.8% of all approved petitions, while female workers accounted for only 29%.
Computer-Related Jobs Dominate
Computer-related jobs took the lead among H-1B approvals in FY 2022, constituting a significant 66% of all approved applications.
Rising Median Annual Salary
The report also notes an increase in the median annual salary for approved H-1B applicants in FY 2022, which rose to $118,000, compared to $108,000 in FY 2021.
Addressing Labor Shortages and Combating Visa Fraud
Furthermore, the report delves into how the H-1B visa program can potentially alleviate labor shortages in specific industries. It also discusses the growing concern of visa fraud and highlights the differences in H-1B policies between the administrations of Presidents Trump and Biden.
In conclusion, the surge in H-1B visa applications in 2023 is a testament to the continued demand for highly-skilled foreign workers in the United States. The low denial rates and the dominance of computer-related occupations underscore the importance of this visa program in meeting the needs of the U.S. job market. However, as the report suggests, the program faces challenges, and policymakers must carefully consider its future direction.
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